Anthony Landry

Senior Research Advisor

Anthony Landry is a Senior Research Advisor at the Bank of Canada and an Adjunct Professor of Finance at the Wharton Business School of the University of Pennsylvania. Prior to joining the Bank, Landry was an Economic Policy Advisor and Senior Economist in the Research Department of the Federal Reserve Bank of Dallas.

Landry is an expert in macroeconomics, international finance, and international trade and investment. His research articles have appeared in many academic journals, including the American Economic Review and the Journal of International Economics. He received his PhD in economics from Boston University in 2007.

We build upon new developments in the international trade literature to construct a quantitative Ricardian framework similar to Caliendo and Parro (2015) to isolate and estimate the long-run economic impacts of tariff changes.

Capital-goods imports have become an increasing source of growth for the U.S. economy. To understand this phenomenon, we build a neoclassical growth model with international trade in capital goods in which agents face exogenous paths of total factor and investment-specific productivity measures.

The classical dichotomy predicts that all of the time-series variance in the aggregate real exchange rate is accounted for by non-traded goods in the consumer price index (CPI) basket because traded goods obey the Law of One Price. In stark contrast, Engel (1999) claimed the opposite: that traded goods accounted for all of the variance.

In this paper, we argue that differences in the cost structures across sectors play an important role in firms’ decisions to adjust their prices. We develop a menu-cost model of pricing in which retail firms intermediate trade between producers and consumers.